09 August 2018

King & Wood Mallesons advises China Tower on its debut in Hong Kong, completing the world’s largest IPO in two years

On 8 August 2018, China Tower Corporation Limited (“China Tower”, stock code: 0788.HK) successfully launched its initial public offering of 43,114,800,000 shares (before exercise of the over-allotment option) on the mainboard of the Hong Kong Stock Exchange(“HKSE”). The global offering was priced at HK$ 1.26 per share and raised approximately HK$ 54.325 billion, making it the world’s largest IPO in nearly two years and one of the top 10 biggest IPOs in the history of HKSE. 

China Tower was established by China Mobile, China Unicom, China Telecom and China Reform as China launched initiatives to deepen state-owned enterprise (SOE) reform and promote sharing of telecommunications infrastructure. The Company primarily conducts tower and DAS businesses with TSPs using its extensive site resources and provides them ancillary equipment, maintenance and power services. The Company is also engaged in Trans-sector site application and information business. China Tower is the world’s largest telecommunications tower infrastructure service provider, and ranked first among the global telecommunications tower infrastructure service providers in terms of the number of sites, the number of tenants, and revenue, according to an industry report as of 31 December 2017. The Company secured $1,423.5 million investment from ten cornerstone investors for the IPO, including Gaoling Capital, OZ Funds, Darsana Funds, Taobao China, CNPC Capital and Invus.

As PRC counsel for China Tower, King & Wood Mallesons (KWM) was actively involved from the very beginning and provided comprehensive, efficient and innovative legal solutions tailored to the issuer’s needs. This project was led by partners Tang Lizi and Su Zheng.

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KWM team celebrates during China Tower’s IPO ceremony at the Hong Kong Stock Exchange.

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